Tech advancements, need for virtual testing, and cost-efficient prototyping fuel growth in the simulation software market.
PORTLAND, ORIGON, UNITED STATES , December 8, 2023 /EINPresswire.com/ -- Significant adoption of simulation in the aerospace & defense sector, rise in demand for eco-friendly work environment, and increase in use of simulation software in the automotive and healthcare industries fuel the market growth. However, security concerns associated with the simulation software hinder the growth of the industry. On the other hand, emerging scope of simulations for digital twins and use of simulation software to develop IoT supporting devices would present new opportunities in the industry in future.
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Among components, software was the largest segment in 2017, accounting for nearly three-fourths of the total market revenue. It is expected to maintain its lion's share through 2025 due to the growing adoption of simulation software for project implementation to finalize decisions about layout, equipment, and control algorithms for solution design; explore alternative concepts and ensure that throughput goals can be achieved for continuous improvement of processes in manufacturing and troubleshooting; and analyze problematic situations and constraints. However, the services segment would register the highest CAGR of 10.80% from 2018 to 2025, owing to the growing need for training, regular updates, maintenance, and support of simulation software.
Among deployment modes, the on-premise segment held the largest market share of 88.32% and is projected to continue its dominance during the forecast period. This is attributed to the fact that the companies operating in industries such as aerospace and defense, healthcare, and others prefer on-premise deployment for enhanced data security. However, the cloud segment is expected to exhibit the highest CAGR of 13.50% through 2025, owing to the need for real-time data utilization, scalability, and flexibility.
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The electrical and electronics segment dominated the global market in terms of revenue in 2017, accounting for 34.05% market share. It is projected to retain its dominance through 2025 because of the greater adoption of simulation software by semiconductor and electronic vendors to inspect design objects at all conceivable scales, as it eliminates product defects in the designing stage. In addition, high adoption of IoT technology & virtual reality in electronic manufacturing, robotics, and smart domestic appliances is expected to boost the growth of this segment. However, the aerospace and defense segment is projected to grow at the fastest CAGR of 13.30% from 2018 to 2025, owing to the high usage of simulation software in the industry to develop and test lightweight aerospace parts, flight simulation, and defense equipment under various extreme conditions.
Favorable government initiatives for adoption of advanced technologies in automobiles and A&D sectors are expected to boost the adoption of simulation software in the Asia-Pacific region. This region is projected to grow at the fastest CAGR of 12.00% through the forecast period. However, North America led the market in 2017, accounting for a market share of 41.12% and would maintain its dominance during the forecast period. The region is expected to exhibit large-scale adoption of simulation technology and solutions by enterprises in the region to cater to their growing need of innovative designs and improvement in product development process.
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Key Market Players:
► Altair Engineering
► Bentley Systems
► Dassault Systems
► The MathWorks
► Siemens PLM Software
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